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Buy Panacea Biotech, target of Rs 536: Emkay
Emkay Research has maintained its buy rating on Panacea Biotech with a target price of Rs 536. Panacea is currently at an inflexion point and will have strong tractions of growth from FY10E onwards.
Emkay Research has maintained its buy rating on Panacea Biotech with a target price of Rs 536 in its June 27, 2008 research report. "We believe that Panacea Biotec has many catalyst going forward in the form of a) Combination vaccines (USD 475 million opportunity), b) Anthrax vaccine for US (USD 100 million opportunity for Panacea), c) Launch of IPV in domestic market, d) Launch of organ transplant products in Brazilian market and e) monetizing of innovative products (NDDS based pipeline) in the regulated markets, etc. after a somber FY08. We firmly believe that Panacea is currently at an inflexion point and will have strong tractions of growth from FY10E onwards."
"On the back of muted performance in FY08 & delay in the approval of combination vaccines, we revised our FY09 numbers downwards. Our revised EPS estimate for FY09E is Rs 21.7. We are introducing FY10E numbers and our earning estimate for FY10E is Rs 30.3. We have roll over our target price on FY10E numbers and maintain "BUY" with a target price of Rs 536," says Emkay's research report.
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